Focus Media (Kigali)
Sam Ruburica
15 May 2008
In a bid to promote development in Bugesera, the district authorities together with the Private Sector Federation are now thinking BIG - Bugesera Investment Group.
The initiative of pooling together resources in order to invest in bigger ventures was perceived by President Kagame, which led to the creation of the Rwanda investment group (RIG), a group of some 50 local businesspeople and enterprises which is now investing in methane gas, cement and tea, amongst others.
The Private Sector Federation (PSF), which had helped to bring the RIG people together, then started to transpose the concept to smaller geographic entities, starting with the provinces.
This has led to the creation of the Champion's Investment Corporation (CHIC) in Kigali, SPIC in Southern Province, EPIC in the east, WESPIC in the west and NORPIC in the north. The next step was to repeat the exercise, this time on the district level.
It is in this regard that the Bugesera Investment Group (BIG) was formed by the local business community with the help of PSF and Bugesera district (which is at the same time a shareholder in the corporation).
According to the vice mayor in charge of economic development, Silas Nyirindekwe, local investors play a major role in development. He explains some 75% of the group's 250 members are cooperatives and associations. "Unlike other investment groups, BIG has incorporated all the cooperatives, thus involving more people in BIG," Nyirindekwe explains.
As for investment opportunities, BIG is thinking about eco-tourism, agri-business (especially horticulture), handicrafts, fishing and nautical sports. "Our district is home to nine lakes, so we think that putting them into profitable use will help the locals as well as the country in general," the vice-mayor says.
BIG has already gathered a capital of some Frw 250 million, though most of this in pledges that have yet to be fulfilled. The group however hopes this money will help to obtain banks loans that would finance its projects. "With a quarter of a million and viable projects, surely the banks cannot refuse us credit," according to Nyirindekwe.
And BIG has two projects ready to kick off. First there is a project to build more than 250 modern houses in Maranyundo sector, and second is mineral water processing at Rwakibirizi source.
Asked whether BIG is ready for partnerships with interested investors, Nyirindekwe replies that they are more than willing. "So far, we have signed a memorandum of understanding with Lodstar from the USA, which is interested in partnering in the real estate project," the vice-mayor explains, adding that there are also local corporations interested in partnering with BIG in the real estate project, such as the social security fund of Rwanda (CSR).
Asked what Bugesera district expects from BIG, Nyirindekwe says that the group will contribute significantly to the economic development of the district, with job creation being an important component. He further argues that the new international airport which is planned in the district will have a positive economic impact.
"After the completion of the airport, we expect Bugesera to be very vibrant with lots of business going on."
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